4 Tips on How to Haggle the Price of Your First-Ever Home – Our Guide
Are you planning to buy your very first home? Indeed, being a homeowner is very exciting. As a first-time buyer, here’s an important point you need to know—you have lots of bargaining power. With that, you can get a house at a lower price if you want to, but you will need to be smart about it and negotiate your way out of it.
If you want to know how you can bargain the price of your first home, here are four practical tips you must remember:
1. Get To Know Your Local Real Estate Market
First, you need to have a basic understanding of your local real estate market because you can use this to your advantage when negotiating. As a homebuyer, you have the advantage because sellers will usually want to close a deal as soon as possible. When you know the real estate market and know how much you can haggle to get a lower price for a property, it’s time to use your knowledge on the seller.
2. Get To Know The Seller
Before you negotiate, you also need to know the history and the property of the seller. Dig deep and gather as much information as you can because the more you know, the higher leverage you will have when you make an offer. For example, you will know how long the property has been in the market when you research. If it’s been there for quite some time, you can use it to your advantage, as the seller is likely eager to close the deal quickly.
When you know more about the seller and the property, you can figure out the actual value of what they’re selling compared to other listings.
3. Don’t Be Afraid To Compromise
Haggling and compromise go hand in hand, which is why you shouldn’t be afraid to do so. In fact, be open to a compromise. Keep in mind that if the seller asks for a compromise, you already win because they are willing to adjust the price. On the other hand, if you’re working with a real estate agent (which you should), make sure your demands and expectations are clear.
4. Don’t Push Too Hard
Even if you’re a buyer, that doesn’t mean you have to push too hard with your offer. This is even truer if the property you want to buy has a good place in the market. Make sure you also consider your seller’s options when negotiating a better deal. Additionally, remember that there are other ways to cut down your payment without deducting from the original price, such as renovation costs or association fees. If you push too hard, you might lose the offer, and the seller might search for another buyer instead!
A home is a long-term investment, which is why it’s important to get the best deal. As mentioned, you have lots of negotiating power when you follow the tips above. Similarly, even if you have this power, always leave room for a compromise. Never push too hard, especially if the property you want to purchase is an attractive one.
The more you know about the property and the real estate market, the better you will be at negotiating the price. It is also best to work with a real estate agent to help you through the process. In the end, real estate agents are more experienced and knowledgeable in property purchases, and you could sure use the extra help.
Are you looking for real estate negotiation tips in Edmonton? Find great tips, resources, ideas and information on everything related to real estate at Everything Real Estate. Visit our website today, and browse our topics to help you find your dream property!